Cyprus said on Thursday it wanted to see improvements to Chevron-led CVX.N plans to extract gas from an offshore field, giving the consortium led by the U.S. major six months to meet its requirements.
\nThere have been protracted talks on the future development of the Aphrodite field south-east of Cyprus since Chevron attempted to introduce changes to a 2019 field development plan. That plan had been agreed between Cyprus and licence-holder Noble, an independent energy operator Chevron acquired in 2020.
\nA new field development proposal was submitted by Chevron on March 29. \u201cFollowing a careful assessment, and with advisers of the Republic of Cyprus, it is our consideration the plan requires improvements,\u201d the Energy Ministry said in a statement without further detail.
\nIn a letter to Chevron, Energy Minister George Papanastasiou has suggested \u201cspecific targeted actions\u201d within the next six months, it said.
\nAphrodite was discovered in 2011 and is Cyprus\u2019s first offshore discovery, holding an estimated 3.5 trillion cubic feet (tcf) of gas. It has since then discovered gas deposits in another four areas, all untapped to date.
\nChevron is a partner in the field with Israel\u2019s NewMed NWMDp.TA and Shell SHEL.L.
\nChevron said it valued its relationship with the government of Cyprus and other stakeholders and would continue working to progress the project.
\n\u201cWe believe it is important that Aphrodite is expeditiously developed for the benefit of the Republic of Cyprus, the Eastern Mediterranean region, and European and other international markets.
\n\u201cBeyond this, it is not Chevron\u2019s policy to comment on commercial matters,\u201d it said.
\n(Reuters)offshore gas extraction. gas extraction, offshore field, Cyprus<\/p>\n","protected":false},"excerpt":{"rendered":"
Cyprus has given Chevron-led consortium six months to make improvements to their plans for extracting gas from an offshore field. The consortium, which includes partners from Israel and Shell, had submitted a new field development proposal that Cyprus believes needs enhancements. The Aphrodite field, discovered in 2011, holds an estimated 3.5 trillion cubic feet of gas. Chevron values its relationship with Cyprus and stakeholders and is committed to progressing the project.<\/p>\n","protected":false},"author":5,"featured_media":10631,"comment_status":"open","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[7667,6497,4670,279,2144,3,612,3818,3013,8117,26,358,7517,11,4081,4548,4862,415,613,187,7685,299,5319,7074,7776,34,4361,8848,4833,3840,4753,4671,3225,6928,1827,1026,114],"class_list":["post-10630","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-assessment","tag-benefit","tag-chevron","tag-comment","tag-consortium","tag-cyprus","tag-deposits","tag-development","tag-development-plan","tag-eastern-mediterranean-region","tag-economy","tag-energy","tag-energy-minister","tag-energy-minister-george-papanastasiou","tag-future","tag-gas","tag-gas-extraction","tag-government","tag-insider-economy","tag-international","tag-international-markets","tag-israel","tag-letter","tag-licence","tag-march","tag-markets","tag-mediterranean","tag-offshore-field","tag-policy","tag-progress","tag-project","tag-proposal","tag-republic-of-cyprus","tag-six","tag-statement","tag-talks","tag-top-news"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"\n